Marquest Asset Management Inc. sued Stone Investment Group Ltd. for unpaid amounts under a promissory note.
Stone counterclaimed for breach of a purchase agreement, seeking set-off.
Marquest moved for summary judgment on its claim and dismissal of Stone's counterclaim.
Stone opposed and sought summary judgment on its counterclaim.
The court granted Stone summary judgment on two issues of its counterclaim (Cooltech Debenture and nominal damages for TFSA filings) and dismissed a third (Withholding Taxes).
The court found Marquest breached the purchase agreement regarding the Cooltech Debenture and TFSA filings.
As the amount awarded to Stone on its counterclaim was less than the amount owed to Marquest on the note, the court granted Marquest summary judgment for the net amount.
The court also found Stone had a proper claim for equitable set-off.